FDIC Federal Register Citations

From: Mark Leymaster [mailto:RenSoft@cpcug.org]
Sent: Monday, October 18, 2004 10:14 AM
To: Comments
Subject: RIN 3064-AC50, Community Reinvestment

Dear Mr. Feldman:

I am opposed to your proposal to significantly weaken the
Community Reinvestment Act (CRA). I have observed troubles in
lower income markets over the past 25 years, and your changes
would only make things worse.

You propose much diluted CRA requirements for banks between $250
million to $1 billion in assets, which will produce both many
fewer home and small business loans to low- and moderate-income
borrowers as well as fewer community development loans and
investments in low- and moderate-income communities. In
addition, all FDIC-supervised banks would in future earn CRA
points by financing community development projects that benefit
richer rural residents instead of low- and moderate-income
consumers and communities in rural America.

I believe those changes are contrary to the CRA's aim of meeting
credit needs of low- and moderate-income communities. In sum,
your proposals to change the CRA regulation will result in much
fewer loans, investments, and branches in low- and
moderate-income communities.

Please withdraw your proposal, as it hurts poorer Americans and
advantages only the already well served and already healthy
banks.

Sincerely,

Mark Leymaster
9501 Pin Oak Drive
Silver Spring, MD